University Heights, Ohio

Lennox Lending successfully closed on a fix and flip project in the University Heights market of Ohio for an inexperienced Sponsor. This was the first renovation project the Sponsor was undertaking, while having a portfolio of turn-key rental projects under their belt, the Sponsor had never completed a renovation project. Lennox Lending was able to utilize its extensive lender network to find the right lending partner to close the transaction. Using the project managers experience, the lender was able to get comfortable with the project and close the transaction within a 30-day period. LTC: 85% Rehab Financing: 100%

• LOAN TYPE

  Fix and Flip

• MARKET

  University Heights, Ohio

• LOAN AMOUNT

  $435,000

• LOAN TO VALUE

  80%

• TERM

  12-Months

• PREPAYMENT

  3-months minimum interest payments

• RATE

  10.75%

• RECOURSE

  Full Recourse